With the rise of Big Data also comes the concept of a data lake – a repository of information so large it is somewhat like a vast body of water in that it can “hide” interesting and valuable bits of data by its sheer size. This is evidenced by the fact that, according to 2016 data from Forrester, nearly 75% of all data retained by an institution is never analyzed or used in any significant way. Given the increased competition arising from globalization, this means that a data strategy that leverages the benefits of artificial intelligence has become an important part of business.
To accomplish this, many companies are turning to dedicated chief data officers, who have the responsibilities of ensuring that data infrastructure is sound, data is being pulled from useful sources and new data sources are being examined for their potential to provide value. In essence, they are the chief navigators that map out a data lake and explore its uncharted waters. By combining state-of-the-art data storage infrastructure with a well-executed data lake, companies can decrease the time it takes to bring products to market, bolster research results and better support decision-making activities.